Rental Scarcity Tough On Tenants

Landlords are tipped to reap the rewards of continued tight vacancy rates throughout Australia in 2022.

Domain’s monthly Rental Vacancy Rate report reveals the number of properties available for rent increased slightly in December but it remains incredibly low. The national vacancy rate is down from 2.4% in November 2020 to 1.7% (3% is considered a balanced market).

With January considered a busy time for renting, Domain chief of research Nicola Powell says vacancy rates will continue to decline.

“It means that in some areas of Australia, particularly the smaller markets, it will be well-nigh impossible to find a home to rent in 2022,” she says.

The number of properties available for rent dropped to just 37,000 in December 2021 – 31% down on the same time 12 months earlier. Hobart has the tightest vacancy rate of 0.3%, followed by Adelaide, 0.4%, Perth, 0.6%, Canberra, 1%, Brisbane 1.3% and Darwin 1.3%.